Solana and Cardano Lead Top 10 Crypto Rebound
The crypto market is picking up today with Solana (SOL) and Cardano (ADA) leading the resurgence among top coins. After sharp outflows, Bitcoin and other assets plunged deeper. The total market capitalization is now at $2.28 trillion, up 3.35% today. Before the correction, it was over $2.6 trillion, driven by high institutional inflows.
Solana and Cardano, dubbed "ETH killers," recorded inflows in the last 24 hours as meme coins and DeFi tokens also saw gains. Solana, a leading smart contract blockchain, significantly impacts DeFi activities and volumes.
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Solana Outpaces Top Assets
Solana has gained a reputation for outperforming during market rebounds. SOL is up 5.98%, reversing weekly outflows. It now trades at $137.73. However, 30-day numbers are down 17%, indicating previous losses.
Solana's market cap has soared to $63.5 billion. Daily trading volumes are at $2.5 billion. The asset has surpassed many resistance levels. The rebound could help it reclaim lost levels. At press time, Solana's total value locked is $4.25 billion, up 6.44% in the last 24 hours per DeFiLlama. DeFi volumes are rising as market activities increase.
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Cardano trades at $0.3932, gaining 4.5% in the last 24 hours, wiping out previous losses. ADA's weekly numbers are up 3.2%, pushing its market cap to $14 billion. Network upgrades drive the asset amid macro factors. Despite long-term losses, institutional investors see a rate cut as a bullish factor. Bitcoin and Ethereum also recorded gains.